The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-06-25
FURRY ON 'CHANGE
A HEAVY SELLING MOVEMENT
Causes IA Panic for u Time--The Report OF
Jay Gould's Death adds to the Excite
mont--AIAIiClous Stories Started to
IutlueuCe tho Stock Market,
AvY sELLlNG MOVEMENT

NkN 4Uhhl JuHo 81 4Ap HtpCA Ia
change this morning became extremely
active and excited with heavy declines
The market opened with feeling Of con
6denCs in many Of the stocks which sut
lered 80 severely yesterday, and large sup
porting orders wers given all over the
room.
In few moments, however, there wat
very heavy selling apparent, and report
was started that there had been falling
out between Jay Gould and Russell Sage
and Cyrus W, Field,
At the samo time Berdan offered some
heavy blocks Of Manhattan stock which
were taken by Wright 4 90, and in short
time tho salos of Bsrdsn amounted ia
1000 shares and Wrighta purchases ia
1000 ahares. These sales were mada al
about 1866, but as soon as Wright 4 Oo,'E
orders were filled the price broke to ll05
and at that point Minzssheimer Il Go. had
a stop order and they offered the stock
down 10 percent without making sale.
A rally did not occur until the price
reached 1904 fall ol 3G4 percent from the
opening figures.
PANIC ON CHANGE,
The room was crowded with brokers,
and the decline brought out ceiling orders
in all classeg of securities. Western
Union, which held firm for awhile, began
10 break about II o'clock, and in fifteen
minutes dropped per cent, The fall in
the Other at0CkawRg GorreepOndiUgly great.
The groateat excitement WAS In the loan
crowd, where many iuquired we're made
for loans on call, but tho parties who have
been prominent in losning money TO-
fused to lend any amount, no matter how
small.
The excitement reached Lg greatest
height shortly before noon and q varitsble
panic Wa developed. No attention waa
paid by brokers to iraCtious In ss!es made
by them and fluctuations W6TO 40 wild
Lhst sales were sometimes from 8 10 10 per
cent apsrt. Tie atoCka bought near the
opening were thrown over whln tho break
occurred, and this selling completely do.
spectators. Marking down OF
loans and delivery Of orders sept the
clerks and messengers fully as busy as the
bIokers, and tho street was sCcne OF more
excitement than hsa been Witnessed since
the May panic OF 1885
The GrOateut daClinea so iGr recorded
are: Manhattan, 40! TO ll6; Missouri Pa
,ifI, II to 03!; Cotton seed, to 80; Rich
nond Terminal, X to 26; Nov England,
; to 45I, and Lake Erie and Western,
TO 6S!,
GOULD REPORTED DEAD.
Tho most intense excitement was Gre.
,ted by rumor that JNy Could Hsa dead.
The room during the panic %as filled with
tumors Of all kinds and tcleSramu from all
points followed each othOr in rapid RuCCeH-
lion, giving ceiling orders and inquiriug
about tho many reports which by this
lime circulated all over the country.
The increased short interest GAvod tho
'0om from money panic by its demandG
or Btocka for, delivery, and s, V. White
md soma other large operators ent0red
he market and began buying freely. They
Ioon gathered large following and the
1uyiGg turned the market almost as rapid
y as it had fallen and stocks took long
umps back to their former priCps.
The report OF Jay Gould's death seems
% have been circulated witha we'll defined
purpose to break the market, and one
broker was heard TO say: ut looks to me
Is though Gould is trading on the news Of
nis own DEATH" When several intimate
OF Gould we're asked II MIR.
Gould was dead they shook their heads
lminously and gave evaatve and my5te'
rioua answers.
NO FALLING OUT.
Regarding tho statement that thero had
been falling out between Jay Gould,
Russell Sage and Cyrus W. Field, George
Gould this afternoon said:
at is all u mistake, there has been moth
ing between my father, Mr.. Sage and Mr..
Field Of nature other than the most
1t Is all some trumped up scheme
oi some Wall street operators to influence
The market. That their relations are the
most friendly, am positive.
The sharp break in the stock market
this morning was undoubtedly caused by
IN over amount Of ceiling by tho bear
crowd, and tho stringenCy in money. |
.hink tho market Ia buy now on Rll
DroRtB. At present think the long side
Is tho safe side. But 50 far R8 any falling
out between Mr.. Sage, Mr., Field and my
father having caused the break, 1t 10
IalsO."
In the course OF hiu remarks George
Gould said: ~ look rather cheerful for an
alleged orphan, don't II My father is juGt
as we'll as ever he was in his lilo"
"But how about the decline In stoCk" "
~ think hs will be able to survive the
ticker reports Rs well as most people,
but then some may not turVive the
ticker"
"How is 1t going TO affect your father7"
"Father can stand 1t. Seriously, 1t looks
like a put up Job; but 1t don't disturb us
very materially"
Cyrus W. Field was seen In hts office
this afternoon in regard to the Iumor that
he and Gould and Sage had a falling out,
causing the big drop In stocks to-day. Mr..
much amused about the re-
port, he said!
"TheTe iB nothing In II, not the BllHheet
for the story. was at Mr..
GouId's office to-day. We are on the best
OF terms; there 10 nothing whatever In 1t,
whatever"
When asked in regard 10 tho drop, he
said, with q knowing smile: "Why, somc.
body has been selling, that's all" Further
than this hO would venture no explana'
ton Of the phenomenon.
AREviRw or THE PANIC.
The following review was Issued by
Henry Olews 4 Co., to-day; "Tho surge
OH the market should not have been I'M
expected As every day for o fortnight OF
more past, we are on record as predicting
Just such a baCkBVt as Wall street has
now met with. The effect will be henO.
gClAl, however, as II will very likely pre-.
vBnt 6 more serious settlement. II the
dny OF reckoning had been do
ieTrsd to the crop moving season In
stead Of to-day further trouble must
have resulted here and elsewhere, The
stock market, not unlike that Of tho wheat
and poItgg markets, Ia likely TO bB moro uI